Journal entry for sole proprietorship
This query is : Resolved
24 June 2023
Sole proprietor has not recorded some investment made earlier(many years ago when balance sheet was not maintained). Now upon redemption, he wants to record the investment in books since interest income is appearing in AIS. How to record redemption entry? Principal and interest amount is credited to bank
24 June 2023
Dr. Bank account
Cr. Interest acc.
Cr. Proprietor's Capital Acc.
Cr. Interest acc.
Cr. Proprietor's Capital Acc.
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